Friday, January 25, 2008

1099 Software, deadline for 1099-MISC forms.

What is the deadline for 1099-MISC forms?

One common question that I get is about the deadline for 1099-MISC forms. Before answering this question, let’s first talk briefly about form 1099-MISC:

File Form 1099-MISC for each person to whom you have paid during the year:

·Any fishing boat proceeds
·Gross proceeds to an attorney.
·At least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest
·At least $600 in rents, services, prizes and awards, other income payments, medical and health care payments, crop insurance proceeds, cash payments for fish (or other aquatic life) you purchase from anyone engaged in the trade or business of catching fish, or, generally, the cash paid from a notional principal contract to an individual, partnership, or estate

Deadline for 1099 forms for tax year 2008:

·Copies B and 2 of 1099-MISC forms: Send these copies to the recipient by January 31, 2008. For a definition for a recipient, please see the introduction above.

·Copy A of 1099-MISC Form: Send this copy to the IRS by February 29, 2008. The due date is extended to March 31, 2008 if you file electronically.

·Copy 1 of 1099-MISC Form: Send this copy to the state tax revenue bureau of the recipient's home state by February 29, 2008 if the recipient's home state has a state income tax.


You can use a 1099 Software to print all these forms. One such great and reasonably priced software is W2 Mate. You can download a free 1099 Software demo here:

http://www.realtaxtools.com/download.html

Good Luck!

Rob

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